2006/04/15

Exxon Chairman Gets $400 Million Retirement Package

While gas prices soar at the pump, at least one man isn't complaining.

Last year, Exxon made the biggest profit of any company ever, $36 billion, and its retiring chairman appears to be reaping the benefits.

Exxon is giving Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.

Last November, when he was still chairman of Exxon, Raymond told Congress that gas prices were high because of global supply and demand.

"We're all in this together, everywhere in the world," he testified.

Is this not obscene? How can you justify paying one individual so much, drawn from the pockets of poor hardworking folks?

3 comments:

wee willie said...

Indeed, this is beyond obscene. This level of profiteering is unconscionable.

DownEaster said...

Big oil is raping the planet! Exxon is walking away from negotiations with Danny Williams over Hebron because he wants some equity for NL. Exxon and its sister companies have U.S. and Canadian governments in their pockets when it comes to ignoring the need to reduce greenhouse gas emissions.

Sam spade said...

Bloody ridiculous!